CLEAN : WTO warns on Brexit customs bill for exporters

The video discusses the theory of comparative advantage by David Ricardo and its implications on global trade. It highlights the potential impact of Brexit on the UK's trade relationships, emphasizing the need to renegotiate agreements to maintain preferential access. The challenges and uncertainties in trade negotiations are explored, noting that such processes can be lengthy and complex, affecting the competitiveness of UK companies.

What economic theory did David Ricardo develop that is discussed in the video?

• Theory of Comparative Advantage

• Theory of Market Equilibrium

• Theory of Absolute Advantage

• Theory of Supply and Demand

What is the potential impact of removing all remaining tariffs according to the video?

• It would have no impact on global trade.

• It would have a smaller impact than the slow recovery from recession.

• It would lead to a trade war.

• It would immediately boost global trade.

How many countries does the UK currently have preferential trade relationships with through the EU?

• 100 countries

• 58 countries

• 28 countries

• 75 countries

What percentage of the UK's trade is with EU preferential trade partners?

• 30%

• 60%

• 13%

• 47%

What is the main challenge in renegotiating trade agreements post-Brexit as mentioned in the video?

• Lack of skilled negotiators

• Uncertainty and time required to reach agreements

• High costs of negotiations

• Political instability in the UK